来源：新刊财经 这些来自竞争对手的实践，共同指向一个当前市场的核心共识，在竞争白热化的新茶饮赛道， 建立在扎实产品力与真实消费者价值之上的品质与体验，正变得比单纯的营销声势更为关键。 在经历爆发式增长后，新茶饮行业已进入存量竞争的深水区。 作为行业的先行者与高端市场的代表，12月2日，奈雪的茶（股票代码：02150.HK，简称：奈雪）在品 牌十周年之际，官宣高圆圆成为其品牌代言人。实际上，从细分产品到全线品牌，奈雪在市场营销上似 乎正在进行明星合作的系统化布局。2025年5月，其宣布演员陈昊宇担任奈雪青提乌龙茶品牌大使；随 后的6月底，唐九洲成为其轻饮轻食推荐官。而进入10月，奈雪又官宣青年演员侯明昊担任青春代言 人。 然而，奈雪目前正面临经营上的挑战。最新财报显示，2025年上半年营收仅为21.78亿元，同比大幅下 滑约40%，不仅被蜜雪冰城、霸王茶姬等对手在规模和增速上全面甩开，其持续亏损的经营状况也尚未 扭转。资本市场其股价已跌至1港元左右，较2021年上市初的约19港元高点下滑95%，超300亿市值就此 蒸发。 当品牌不断用明星面孔刷新存在感，我们或许该冷静一问：频频牵手顶流，究竟是一场精心布局的战略 ...

Core Viewpoint - The collaboration between Xiangpiaopiao and sports star Sun Yingsha has led to a significant surge in demand for their milk tea, resulting in the product selling out within seconds of its release [1] Company Summary - Xiangpiaopiao's milk tea, endorsed by Sun Yingsha, has gained immense popularity due to its unique taste and the athlete's strong market appeal [1] - The company plans to ramp up production to meet the overwhelming market demand for the product [1] Industry Summary - The endorsement by a high-profile sports figure like Sun Yingsha highlights the impact of celebrity influence on consumer purchasing behavior in the beverage industry [1] - The rapid sell-out of the product indicates a growing trend in the market where unique flavors and celebrity endorsements drive sales [1]

Core Viewpoint - Tambor is planning to go public on the Hong Kong Stock Exchange, with funds aimed at technology research, brand building, multi-channel network upgrades, and supply chain management. Despite being the fastest-growing outdoor apparel brand in China in terms of online retail sales, its profitability has declined significantly over the past year [1][4]. Financial Performance - Tambor's revenue has increased from 732 million yuan in 2022 to 1.302 billion yuan in 2024, with a 85% year-on-year growth to 658 million yuan in the first half of 2025. However, net profit has fluctuated, with figures of 86 million yuan, 139 million yuan, and 107 million yuan from 2022 to 2024, respectively [4][6]. - The company's net profit margin dropped from 13.6% in the previous year to 8.2%, with a projected 5.5% by June 2025, indicating ongoing profitability challenges [1][4]. - Sales costs have risen significantly, with 364 million yuan in 2022, increasing to 587 million yuan in 2024, while the gross profit margin has decreased from 59.8% to 54.2% in the first half of 2025 [4][6]. Product Segmentation - Tambor's product lines include three main categories: top outdoor series, sports outdoor series, and urban light outdoor series. The high-end product line has seen a rise in sales proportion, but profit margins have decreased [3][5]. - The urban light outdoor series remains a key revenue driver, contributing nearly 450 million yuan in the first half of 2025, although its gross margin has declined to 51.4% [6][7]. Sales Channel Strategy - The company has shifted its focus to online sales, reducing the number of physical stores from 608 to 568, with online channels generating 52.7% of total revenue [10][11]. - Marketing expenses have surged, with advertising and promotion costs reaching 113 million yuan in 2024, a 100.25% increase from the previous year [14]. Consumer Complaints - There have been numerous complaints regarding price fluctuations and product quality, including issues with down jackets and customer service responses [16][17].

Core Insights - Li Auto has officially announced Yi Yangqianxi as its brand ambassador, marking a significant shift from its previous stance of not using celebrity endorsements [1][2][4] - The automotive marketing landscape is changing, with new energy vehicle brands increasingly adopting celebrity endorsements to differentiate themselves in a competitive market [4][28] Brand Strategy - Li Auto's decision to hire Yi Yangqianxi aligns with its strategy to appeal to younger consumers, moving away from its previous focus on middle-aged family-oriented branding [21][23] - The company aims to leverage Yi Yangqianxi's popularity to enhance brand recognition and emotional connection with potential customers [4][21] Market Context - The announcement coincided with the launch of the new Li Auto i6, which is positioned in the competitive price range of 250,000 to 300,000 yuan, directly competing with models like Tesla Model Y and Xiaomi Yu7 [10][15] - The i6 is designed to attract younger families and new middle-class consumers, with features such as an 800V high-voltage platform and fast charging technology [13][15] Financial Implications - The endorsement deal with Yi Yangqianxi is expected to be a significant investment, with costs typically in the tens of millions, reflecting the high stakes involved in celebrity marketing [9][16] - Despite the high costs, if the campaign successfully boosts sales, it could be seen as a smart investment for Li Auto, especially given its current financial health with cash reserves of approximately 106.9 billion yuan [27][21] Competitive Landscape - The trend of using celebrity endorsements is not unique to Li Auto; other new energy vehicle brands like NIO and Xpeng are also increasingly engaging celebrities to enhance their marketing efforts [28][4] - The shift towards celebrity endorsements among new energy vehicle brands indicates a broader industry trend where emotional branding is becoming crucial as technical specifications become more standardized [4][28]

Core Viewpoint - The announcement of Yi Yangqianxi as the brand ambassador for Li Auto marks a significant shift in the company's marketing strategy, moving from a previous stance of not using celebrity endorsements to embracing this classic marketing approach to enhance brand recognition and emotional connection with consumers [1][4][6]. Group 1: Marketing Strategy Shift - Li Auto's founder, Li Xiang, previously stated that car owners are the best ambassadors and that the company would not engage in celebrity endorsements [1][4]. - The automotive marketing landscape is changing, with new energy vehicle brands like Li Auto beginning to adopt celebrity endorsements as a means to differentiate themselves in a market where technical specifications are increasingly homogenized [6][7]. - The choice of Yi Yangqianxi, a popular young actor, aligns with Li Auto's strategy to appeal to younger consumers and families, marking a shift from targeting middle-aged demographics [34][36]. Group 2: Current Challenges and Goals - Li Auto is currently facing challenges in its electric vehicle transition, with recent models like the Li MEGA and Li i8 encountering negative publicity and declining sales [14][18][19]. - The company aims to stabilize monthly sales of its electric models at 18,000 to 20,000 units by the end of the year, with the new Li i6 model expected to contribute significantly to this target [22]. - The marketing push with Yi Yangqianxi is seen as a critical move to counteract previous negative perceptions and boost sales for the newly launched Li i6 [23][24]. Group 3: Financial Implications of Celebrity Endorsement - The cost of hiring Yi Yangqianxi as a brand ambassador is substantial, typically in the tens of millions, but could be justified if it successfully revitalizes sales and brand perception [24][32]. - The effectiveness of celebrity endorsements in driving sales remains uncertain, as consumer purchasing decisions for complex products like cars are influenced by product quality, pricing, and overall value [40][44]. - There are concerns that investing heavily in celebrity endorsements may not yield immediate returns, and some consumers prefer that funds be allocated to vehicle incentives rather than marketing [45][46]. Group 4: Industry Trends - The trend of using celebrity endorsements is becoming more prevalent among new energy vehicle brands, with competitors like NIO and Xpeng also engaging in similar marketing strategies [46][47]. - Li Auto is the first among its peers to officially adopt a celebrity ambassador, while others have utilized "celebrity owners" or "chief experience officers" to promote their brands [47][51]. - The shift towards celebrity endorsements reflects a broader industry trend where brands seek to enhance their appeal to younger consumers and differentiate themselves in a competitive market [70][72].

Core Insights - Li Auto has shifted its marketing strategy by signing a brand ambassador, Yi Yangqianxi, for the first time, indicating a strategic adjustment in response to intense market competition [2][5][9] - The launch of the Li Auto i6, a new electric SUV, is positioned to attract younger consumers, marking a significant shift from the brand's previous focus on middle-aged families [5][6] Group 1: Marketing Strategy - The announcement of Yi Yangqianxi as a brand ambassador coincided with the i6's launch, generating significant online buzz and reaching nearly 40 million views on Weibo [2][5] - Li Auto's CEO, Li Xiang, previously stated a policy of not hiring brand ambassadors, making this decision noteworthy in the context of the company's evolving marketing approach [2][5] - The collaboration with Yi Yangqianxi aligns with the brand's goal to appeal to a younger demographic, leveraging his influence across various age groups [5][9] Group 2: Product and Sales Goals - The Li Auto i6 is priced between 250,000 to 300,000 yuan and features advanced technology such as an 800V high-voltage platform and fast charging capabilities [6] - Li Xiang has set ambitious sales targets for the i6, aiming for monthly sales of 9,000 to 10,000 units, contributing to an overall target of 18,000 to 20,000 units for all electric models [6][10] - The i6's success is critical as it faces competition from established models like the AITO M7 and Tesla Model Y, testing Li Auto's ability to transition from a high-end to a more mainstream market [10] Group 3: Market Position and Future Outlook - Li Auto aims to capture a 10% share of the pure electric vehicle market, with the i6 being pivotal in this strategy [9] - Analysts suggest that a more aggressive pricing strategy could enhance the i6's market competitiveness, potentially lowering the price range to 200,000 to 250,000 yuan [9] - Despite recent sales declines, there is optimism regarding Li Auto's future, particularly with the acceleration of high-voltage electric products in the latter half of the year [9][10]

Core Insights - The endorsement of national actress Yang Mi has led to an unprecedented sales surge for Wang Xiao Lu, with a reported 600%+ increase in daily GMV on Tmall and a 340%+ year-on-year increase on Douyin [1][10] - The brand's marketing strategy includes leveraging Yang Mi's influence through social media campaigns and targeted advertising in popular dramas, enhancing sales across multiple e-commerce platforms [1][7] Group 1: Sales Performance - Wang Xiao Lu's Tmall flagship store achieved a daily GMV growth of over 600% on the day of the endorsement announcement, ranking first in the meat snack category [1] - On Douyin, the brand set a historical record for daily GMV, with a year-on-year increase of 340% and securing the second position in the snack category [1] - The brand has also seen strong performance on other e-commerce platforms like JD and Pinduoduo, contributing to a robust sales growth trajectory [1] Group 2: Marketing Strategy - The marketing campaign features a co-created advertisement with Yang Mi, emphasizing product characteristics such as "easy to eat," "large and meaty," and "variety of flavors," which directly drives sales on Tmall and Douyin [1] - Wang Xiao Lu is actively engaging with consumers through limited edition gift boxes and promotional activities, receiving positive feedback on social media platforms like Weibo and Xiaohongshu [3] Group 3: Offline Advertising and Promotions - A nationwide offline advertising campaign has been launched, featuring Yang Mi's endorsement across 11 key business districts in 8 cities, enhancing brand visibility [5] - The brand is revamping its in-store displays and launching themed stores and promotional activities in collaboration with major snack channels, aiming to create a buzz in the market [7] Group 4: Future Outlook - With a strong channel system and innovative product launches, Wang Xiao Lu is expected to continue its impressive growth in the second half of the year, bolstered by Yang Mi's national influence [10]

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd., the parent company of "Liuliu Mei," has submitted an IPO prospectus to the Hong Kong Stock Exchange, aiming for a main board listing after withdrawing its A-share application in 2019 [1][2]. Financial Performance - The company's revenue has shown significant improvement, with projected revenues of approximately 1.174 billion, 1.322 billion, and 1.616 billion yuan for 2022, 2023, and 2024 respectively, compared to 804 million, 847 million, and 873 million yuan from 2016 to 2018 [3][4]. - Net profits are also on the rise, estimated at 68 million, 99 million, and 148 million yuan for the same years, contrasting with previous declines [3][4]. Product Diversification - The introduction of "Mei Dong" has become a significant growth driver, generating 410 million yuan in revenue in 2024, a year-on-year increase of 32.26%, accounting for 25.4% of total revenue [7]. - Despite the introduction of new products, over 90% of revenue still comes from plum-related products, raising concerns about market risk and growth potential [10][11]. Market Risks - The reliance on a single product category poses risks, particularly in the face of natural disasters affecting raw material supply, as seen in past years [11][12]. - The company's global sourcing strategy may mitigate some risks, but geopolitical uncertainties, such as trade wars, could exacerbate concerns [11][12]. Sales Model Transformation - The sales model has shifted from a distributor-centric approach to a direct sales model, with direct sales accounting for 59.2% of revenue by 2024, compared to 25.5% in 2022 [13]. - The growth in sales through retail channels, particularly through major clients, has contributed significantly to revenue [13]. Financial Health - As of the end of 2024, the company has total non-current assets of approximately 735 million yuan, with current assets totaling 936 million yuan, but a significant portion is tied up in inventory [17]. - Current liabilities are high at 1.049 billion yuan, with short-term debt pressures evident, raising concerns about liquidity [18]. Marketing and Advertising - The company has increased its marketing expenditures significantly, with advertising costs rising from 66.66 million yuan in 2022 to 79.02 million yuan in 2024, surpassing sales expenses [21]. - This heavy reliance on celebrity endorsements may pose risks to long-term brand stability, as seen in past controversies [22][24]. Conclusion - While Liuliu Fruit Garden has shown promising financial recovery and growth potential, challenges related to product diversification, market risks, and financial health remain critical considerations for its upcoming IPO [25].